One of the most recent and fastest-growing sectors in the world is cryptocurrency. Despite the fact that the first cryptocurrency was only developed 13 years ago, the use and value of digital currencies have grown significantly. You should be aware of the following crypto statistics and facts:
- Over 20,000 coins are now active.
- According to market capitalization, the top three cryptocurrencies worldwide are Tether (USDT), Ethereum, and Bitcoin (BTC).
- As of November 2022, there are about 200,000 Bitcoin transactions every day.
- By 2023, there will be 420 million crypto users worldwide and 45 million in the United States.
- According to 16% of Americans, they have used, purchased, or traded cryptocurrencies.
- By 2022, the market for blockchain technology will be worth $10.02 billion.
- With a CAGR of 68.4%, the value of the global blockchain industry is anticipated to reach $67.4 billion by 2026.
Can bitcoin be exchanged for real money?
Like any asset, bitcoin may be exchanged for cash. Even small companies can now accept bitcoin thanks to the wide variety of cryptocurrency exchanges available online. Transactions can even be made in person or over any kind of messaging service. Bitcoin does not have a built-in formal method for money conversion.
The Bitcoin network is supported by nothing fundamentally valuable. The US dollar and the British pound are two of the most stable national currencies in the world today, therefore this is true for many of them.
What does bitcoin’s purpose are?
Bitcoin was developed as a means of online money transfer. The goal of the digital currency was to offer a different form of payment that would function without centralized management but otherwise function similarly to traditional currencies.
It can be used for money transfer, payments, sportsbook, investments and you can even bet on sports with bitcoin.
How secure are bitcoins?
The US National Security Agency’s SHA-256 algorithm serves as the foundation for the cryptography used by bitcoin. Since there are more potential private keys that would need to be tested (2256) than there are atoms in the universe (estimated to be between 1078 and 1082), it is theoretically impossible to crack this.
Although there have been a number of high-profile instances of bitcoin exchanges being hacked and having money stolen, these firms almost always kept the digital currency for the benefit of their users. In these instances, the website rather than the bitcoin network was compromised.
Theoretically, an attacker could incorporate a consensus that they controlled all bitcoin into the blockchain if they had control over more than half of the bitcoin nodes now in use. However, this becomes less feasible as the number of nodes increases.
Conclusion
In conclusion Bitcoin can be used for most anything that Fiat money can be used for. But it’s even more than just money. It can be held and used as a short-term or long-term investment. It is more secure than traditional payment system such as credit card or even cash payments.
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There are many out there that believe that cryptocurrency is the future of all money in the world. One thing is for sure right now is that a large portion of the population already sees it as a valuable asset and money transfer option.
